Back to school health check-up time may be a good time for health insurance check-up
14 08 08 - 12:53
Your Health Insurance May Need a Back-to-School Check Up Too
MILWAUKEE, Aug 13, 2008 /PRNewswire via COMTEX/ -- Around the country, millions of kids are getting their back-to-school physicals. But many of their parents also could benefit from a check-up -- by checking into their health insurance coverage! Make sure your health coverage is "fiscally fit" by going to HSAInsights.com.
Taking your health insurance coverage for granted can cost your family thousands of dollars each year. A check-up can help you understand what you're spending and, more importantly, what you could be saving if you switched to a high-deductible health plan with a health savings account (HSA). An HSA is a consumer-managed, tax-favored alternative to traditional health insurance, created for the purpose of paying medical expenses.
"Health plans with HSAs offer protection and a tax-free way to invest -- all at a cost that is usually less than what someone would pay for a traditional plan," said Roy Ramthun, Founder and President of HSA Consulting Services. "For families with about $1,500 in annual medical expenses, an HSA can often save them more than $6,000 a year."
One way to find out whether your current coverage is "fiscally fit" is to go to the Web site HSAInsights.com. There you can use a calculator to estimate how much you can save with an HSA compared to a traditional health plan. You also can determine the potential future value of your HSA based on your expected contributions and expenses.
If you do decide an HSA could benefit your family, here are some tips from HSAInsights.com for selecting an HSA provider:
-- Work with a company that understands health insurance and has
considerable experience with HSAs.
-- Consider costs, interest rates and investment options.
-- Look for a provider able to provide insurance plans, claims and HSA
information in one comprehensive package.
HSAs were established in 2003 and already more than 6.1 million Americans have opened these accounts. Why are they so popular? Because an HSA can lower your premium costs and allow you to save money in a tax-free account, like an IRA, to pay for routine medical expenses. For 2008, you are allowed to contribute up to $2,900 a year for an individual account and $5,800 for families. These contributions can be deducted from your taxable income and you pay no tax on withdrawals for qualified medical expenses.
Another reason more people are selecting high deductible health plans with HSAs is to gain control over how their health care dollars are spent. For example, if you find a doctor who charges $50 less than others in your area for your child's back-to-school physical, those savings accumulate in your account and earn tax-free interest.
Click here for individual and Family health insurance online quote with major health insurance carriers.